Assa Abloy

Louis Results

Louis Cruise Lines has reported profits of 6.3 million (Cyprus) pounds on revenues of 42.2 million pounds for the year ended Dec. 31, 1999, compared to profits of 6.0 million pounds on revenues of 36.6 million pounds for 1998.

Excluding its interest in Royal Olympic Cruise Lines, Louis would have been able to report profits of 6.6 million pounds for 1999.

According to Louis, the company operated six vessels in 1999 and will have seven ships this year with the addition of the Serenade. ROC has 10 ships.

In a prepared statement, Louis said it expected 2000 to be a much better year with the chartering out of four ships: the Ausonia to First Choice, the Sapphire to France Crociers, the Emerald to Thomson, and the Serenade to Boulos Gad.

ROC is also expecting a better year in 2000, according to Louis, noting the introduction of the company’s first newbuilding, the Olympic Voyager, in the second half of the year.

With a controlling interest in ROC. Louis said it has achieved economies of scale in purchasing and that it also expects to reduce overhead such as administration expenses.

But the full impact of various synergies is only expected to be realized in 2001, according to Louis.

Excluding the four ships that have been chartered out, the combined Louis and ROC fleet will have an estimated passenger capacity of nearly 300,000 in 2000, second only to Costa Crociere among European cruise companies.

Largest European Companies 2000

    Pax. Capacity
    Mkt. Share 
Costa Crociere     450,00028.0%
Sun Cruises207,33812.7%

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